Compliance Solutions for all Credit Unions
Through the Credit Union Association of the Dakotas' partnership with AffirmX, we are pleased to present a full suite of compliance solutions for credit unions in the Dakotas. These tools have been designed to help your credit union reduce workloads, anxieties and costs.
AffirmX was originally established to help financial institutions stay on top of consumer regulatory compliance requirements. Traditional “boots on the ground” models of consulting are costly both in terms of utilization of company resources and the time and billing rate of senior consultants and their associated expenses. To solve this problem, AffirmX leverages the latest in cloud-based technology to connect you with a team of experts and deliver a more robust compliance solution.
By assembling management consultants, former regulatory examiners, attorneys, IT professionals, industry CEOs and audit specialists, AffirmX is revolutionizing the approach to the most time consuming part of auditing: the searching for potential issues. Through a significant investment in technology and the development of a new audit paradigm, AffirmX cuts through the busy work of finding and interpreting information that must be acted upon. AffirmX presents credit unions with only relevant and timely information you need to act upon right now. This means much less searching and much more doing, and through the use of technology.
Contact Amy Kleinschmit today for a demo, pricing and questions on any of these solutions - firstname.lastname@example.org or 800.279.6328 ext 964. NEW - Vendor Management Solution.
NEW - Internal Audit Outsourcing.
NEW - Cybersecurity Risk Assessment Tool.
NEW - AffirmX Lite.
BSA, SAFE Act, ACH and Website audits.
AffirmX Risk Intel Center - Regulatory Compliance Monitoring.
Loan File Reviews.
NEW - Vendor Management Solution.
The AffirmX Vendor Management Solution is a comprehensive project management program designed to provide your Credit Union with the documentation tools and guidance it needs delivered right through the AffirmX Risk Intel Platform.
You’ll find a directed workflow, secure online storage of key documents for ready retrieval, questionnaires to guide you through the process, calendar prompts to keep you on track, and automatically generated reports to document vendor status at any point along the way. And because it’s from AffirmX, you’ll find it to be surprisingly affordable.
It runs on the same patented AffirmX Risk Intel Center platform that more and more financial institutions throughout the country have turned to as a key part of their risk management efforts. The Vendor Management Solution offers:
- A secure cloud-based storage system for all vendor contracts, reports and due diligence documentation with individual file folders for each vendor;
- A customized Customer dashboard that displays pending and upcoming vendor due diligence tasks, alerts and notifications;
- A Request for Proposal (RFP) guide to facilitate the development of RFPs for the more critical vendor relationships;
- A checklist for vendor contract reviews;
- An online product/service risk assessment questionnaire that produces a written risk assessment document;
- A vendor selection questionnaire that produces a written vendor decisioning document;
- An online work flow management tool for each vendor that provides prompts for due diligence documentation, such as financial statements, audit reports, insurance certificates, user references, etc., with customizable due dates and assignment responsibilities;
- An online vendor risk assessment questionnaire that produces a written risk assessment report;
- Assistance with securing due diligence documentation for high risk vendors;
- An online vendor monitoring questionnaire that produces a written vendor monitoring report;
- An online vendor assessment questionnaire triggered prior to contract renewal that produces a written report to document the renewal or termination decision; and
- Vendor status reports for all managed vendors and a comprehensive detailed report reflecting all vendor management activities for each vendor in the system.
To see the Vendor Management Solution click here. NEW - Internal Audit Outsourcing.
Put AffirmX’s outsourced, internal auditing services to work for your Credit Union.
- AffirmX leverages its patented Risk Intel Center online platform, which enables them to work like a remote employee. Simply upload documents to their secure environment for off-site review. (Note: For clients where AffirmX has VPN connectivity, even uploading the documents is unnecessary.)
- AffirmX performs an independent and on-going third-party review of adherence to your financial institution’s internal controls procedures in order to protect against fraud and ensure safe and sound internal operations.
- AffirmX works with you to ensure compliance with your applicable operational policies and procedures.
- AffirmX provides detailed reports on findings along with specific recommendations for addressing any noted deficiencies. AffirmX can also provide a year-end report, which is an invaluable tool at examination time.
AffirmX draws upon the strengths of the architecture of its Risk Intel Center platform to deliver its services remotely and efficiently. That not only keeps costs down, it keeps them out of your hair. Their internal audit reviews vary according to your needs, but are comprehensive, covering such areas as:
- Internal Control Reviews - Policy and procedures
- Finance/Accounting - Reconciliations
- New Products/Services -
- New loans of all types, including real estate and business loans
- Decline loans (all types)
- New accounts (all types)
- New members/customers
- Credit card dispute and charge back processes
- Core System Generated Reports/Special Report Monitoring -
NEW - Cybersecurity Risk Assessment Tool.
- File maintenance report
- Paid ahead loans
- Accrued interest greater than schedule payment reports
- No payments in the last 90 days reports
- Interest rates less than 5% or greater than 18% reports
- Supervisory override reports
- First payment dates more than 45 days from original loan date
- Accounts with post office box addresses
- Non-amortizing loans
- Cash transactions over $10,000
- Cash payment loans reports
- Negative share/account and draft/checking
- Shares/accounts greater than $100,000Non-sufficient funds year-to-date reports
- Dormant share accounts
- Insider reports
Delivered through AffirmX’s online Risk Intel Platform, the AffirmX Cybersecurity Risk Assessment Tool is designed to help you identify your institution’s cybersecurity risks and level of preparedness to address those risks.
A smart questionnaire guides you through the FFIEC Inherent Risk Profile, assessing how each of your products and services affect your institution’s risk profile. It also guides you through the FFIEC Cybersecurity Maturity Assessment, which identifies risks and determines their cybersecurity maturity. Responses are applied to AffirmX’s risk-scoring algorithm to assign risk ratings to each category of the assessment.
Those responses and scores feed a comprehensive, written report that allows you to easily identify specific areas and levels of risk and to identify whether your incident response programs and internal controls are appropriate to address those levels of inherent risk.
Identify the factors that contribute to your institution’s overall cyber risk;
- Assess the level of your preparedness to address those risks;
- Evaluate whether your preparedness is appropriately aligned with your risk profile;
- Determine the risk management practices and controls that could be improved or further actions that could be taken to reach the desired level of preparedness; and
- Enhance your overall risk management strategy
- In addition, it provides your institution:
- On-demand access to its Cybersecurity Risk Assessment questionnaire;
- Risk scoring for each category identified in the FFIEC self-assessment tool;
- Comprehensive and risk-coded Cybersecurity Risk Assessment report that you can generate upon completion of the questionnaire; and
- Online storage vault to retain the electronic version of your Cybersecurity Risk Assessment.
To see a demo of the Cybersecurity Risk Assessment click here.
NEW - AffirmX Lite.
Many financial institutions throughout the country have found the patented AffirmX Risk Intel Center platform solution to be the perfect fit for their needs. But some institutions want simple organizational support with access to materials and information to help them do the work themselves.
That’s why AffirmX is pleased to introduce AffirmX Lite, an entry-level version of the full-fledged Risk Intel Center that can grow with today’s credit unions.
AffirmX Risk Intel Center - Regulatory Compliance Monitoring.
The AffirmX Risk Intel Center helps credit unions adhere to government regulations in a proactive and cost efficient manner through a patented, cloud-based platform that is customized and branded for your institution.
The platform draws on internal and external data sources to develop risk-based priorities to help you quickly identify issues, reduce costs and streamline compliance management practices.
Unlike checklist-based systems that place the burden for understanding compliance requirements on your team, Risk Intel Center combines easy-to-use workflows with expert analysis and a risk-based dashboard to help your team stay on top of compliance issues.
To help a credit union monitor for regulatory compliance, AffirmX periodically reviews a sampling of the credit union’s forms, disclosures, advertisements, files, documents, website and reports related to consumer and Bank Secrecy Act regulatory compliance requirements. Specifically, AffirmX will review documents within the credit union's Lending, Deposit, Marketing, and Operations functions.
To see a quick preview click here
. For a full demo of the platform please contact Amy Kleinschmit at email@example.com. Audit Bundle.
See how easily AffirmX can help reduce risk management workloads, anxieties and costs. AffirmX has developed a package of basic compliance audits and risk intelligence support services.
The package includes up to four audits, each of which is critical to a healthy compliance program:
- BSA Independent Audit
- Annual ACH Independent Audit
- Annual SAFE Act Independent Audit
- Website Compliance Review
In addition to receiving these four critical audits annually, the package includes a host of other services, including:
- Dashboard-delivered self-review templates with scheduled reminders
- A subscription to AffirmX Compliance Reporter, with analysis from AffirmX's subject matter experts on current compliance issues delivered directly to you throughout the year via the AffirmX Risk Intel Center
It is important to note, that the entire platform can be easily customizable to meet the needs of your credit union. Audits can be bundled or unbundled as needed. Loan File Reviews.
The AffirmX residential mortgage loan and/or commercial/business loan file review helps credit unions by periodically reviewing a sampling of Credit Union’s loan files and, if the expanded review is selected, will perform additional credit risk aggregate and trending analyses. The Credit Union selects the review quantity and frequency. AffirmX will review selected loan files, the credit union’s lending policies, and, if the expanded review product is selected, reports and questionnaires.
With a “Basic Residential Mortgage Loan File Review,” AffirmX will review a selection of residential mortgage loan files for compliance with the applicable federal regulatory requirements, compliance with FNMA/FHLMC underwriting requirements, compliance with the Credit Union’s mortgage lending policies, and adherence with general safety/soundness industry guidelines. You can also select an “Expanded Residential Mortgage Loan File Review.” In addition to the basic review, AffirmX will provide credit risk aggregate and trending analyses and will provide a general assessment of the risk factors analysis, a general analysis of key documents and a presentation of the individual loan files reviewed.
With the “Basic Commercial/Business Loan File Review,” AffirmX will review a selection of commercial/business loan files for compliance with the applicable federal regulatory requirements, compliance with the financial institution’s business lending policies and adherence with general safety/soundness industry guidelines. With the “Expanded Commercial/Business Loan File Review,” AffirmX will also provide credit risk aggregate and trending analyses and will provide a general assessment of risk factors analysis, a general analysis of key documents and a presentation of the individual loan files reviewed.